Carlyle Group LP, the world’s second-largest investment manager, posted Q2 earnings today, to reveal it has doubled income on an annual basis and has gained value in assets, despite big sales.
The company logged a net income of $318 million, up 103.84% from a year ago, as a stock market rally allowed for a profitable exit for much of its portfolios stock. Carlyles private equity portfolio appreciated 5% to represent 32% of its assets, while generating 65% of its earnings. Net profit was $20 million, $0.27 per share, up almost four times from a year ago.
“The big story is the strong performance of our European private equity businesses,” said William Conway Jr. , Carlyles co-founder and co-chief executive. The firms largest and most recent European buyout fund has gained 47% over the past year, he said.
Carlyle Group earned $6.5 billion in assets sales alone, almost double the figure from last year. Total assets under management climbed to $202.7 billion, up from $180.4 billion a year ago.
Carlyle had “stronger-than-expected monetization activity and portfolio company valuation,” Credit Suisse analyst Craig Siegenthaler wrote in a note to clients before the earnings report. “We also continue to be constructive on Carlyle’s realization opportunities as the firm has the highest accrued performance fees amongst the peers.”
Carlyle Group LP shares were up 1.40% to trade at $34.87 per share at 14:45 GMT, giving the company a market valuation of $10.90 billion. According to the Financial Times, 13 analysts offering 12 month price targets for The Carlyle Group LP have a median target of $39.00, with a high estimate of $45.00 and a low estimate of $34.00. The median estimate represents a 13.41% increase from the last price of $34.39.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
